MONTE CARLO: M. Louis Vallon, Chairman of the French National Assembly Finance Commission, proposed the establishment of a new European currency to counter the “privileged” position of the United States dollar. Mr Vallon, in an interview broadcast by Monte Carlo Radio, said: “It would be a good thing for Europe to have a money of her own.” The new money would be guaranteed by gold backing just as the United States dollar should be, he said. In order to achieve this, Mr Vallon said measures should be taken to strengthen European economic unity and, above all, European countries should adopt the same financial systems [and] uniform legislation on financial matters.

Mr Vallon said: “The dollar used as a reserve currency gives supplementary power and efficiency to the American economy and the fact that the principal countries of the world rely on the dollar and no longer on gold constitutes a privilege and a considerable advantage for the United States.” Mr Vallon said the conversion of dollars into francs created considerable inconveniences for his country. “These are even greater when dollars are converted in francs because they no longer work. They are stocked or transformed into American treasury bonds.”—Agencies

[Meanwhile, as reported by our correspondent from Rawalpindi], the Combined Opposition Parties have not been able to maintain unity with regard to their choice for the election symbols even. While the COP candidates from East Pakistan have chosen Umbrella, those from West Pakistan have expressed preference for the Lantern.

Published in Dawn March 2nd , 2015

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